Carmignac Portfolio Commodities SICAV ISIN LU0164455502 Equity management

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Recommended minimum investment horizon : 5 years

At 17/01/2018
Michael HULME
Sector Equities
  • NAV : 322.18 €
  • D-1 : -0.11 %
  • YTD : +4.38 %
  • 12 Month : +7.64 %

We continue to favour companies without excessive debt levels capable of generating attractive returns on free cash flow in the long term.

2nd rank in the category natural resources equity fund over 10 years.

€uro Fund Award 2015
January 2015
All awards


Global equity fund invested in energy, natural resources, and related industrial companies. By combining a fundamental top-down approach and a disciplined bottom-up analysis, the Fund manager aims to select quality companies with attractive long-term growth prospects and sustainable cash flow generation, across the entire commodity value chain. The Fund aims to outperform its reference indicator over 5 years..

Carmignac Global Strategy December 2017

  • The euro rose against the dollar
  • European markets underperformed
  • Peripheral yields came under pressure

Exposure data

monthly weekly
December 2017
99.16 %
Investment rate
93.38 %
Exposure rate
Week from 5 to 12 Jan 2018
This content is reserved to PRO SPACE members

Management Comments


December 2017

The Fund turned in a positive performance but trailed its reference indicator slightly. Commodity prices continued to rise over the month, with oil in particular seeing an increase on the back of political tension in Iran, as well as the cold snap and the reduction in the number of drilling wells in the United States. We benefitted from our selection of oil stocks, with Pioneer Natural Resources, Halliburton and Suncor Energy among the main sources of performance. Our mining and metals companies such as BHP Billiton, Alcoa and Rio Tinto also did well. However, our hedging strategies on oil companies with weak fundamentals proved costly. Oil exploration company Oasis Petroleum also fell following a share offering. The Fund’s equity exposure remains high.


Week from 5 to 12 Jan 2018

This content is reserved to PRO SPACE members


Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

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